Battery Market for Energy Storage Systems (ESS) Market | APAC to have largest share | Technavio

NEW YORK, June 30, 2022 /PRNewswire/ — The battery market for energy storage systems (ESS) market size is expected to increase by USD 24.08 billion between 2021 and 2026, expanding at a CAGR of 34.5% during the forecast period. The report expects the market to observe significant growth in APAC. The growth in population and rising living standards of people are creating huge growth opportunities for market players.

Read Our Report Sample for highlights on the market behavior across regions, market size, and other important statistics.

Market Dynamics

The market is driven by the change in the energy mix. The global energy mix has significantly changed over the years. The increase in GHG emissions has forced governments across the world to start focusing on generating energy from sustainable and renewable sources such as solar, biomass, and wind. This is resulting in the diversification of energy resources, with renewables accounting for a significant share in the energy mix. In addition, the new mandates on the use of renewable energy have spurred the demand for energy storage systems to overcome the issues that arise due to the intermittent nature of renewable sources. Thus, the change in the global energy mix is expected to drive the growth of the market in focus.

In addition, the increased adoption of microgrids is anticipated to boost the growth of the battery market for energy storage systems (ESS) market. However, the widening demand-supply disparity with regard to lithium might challenge the growth of the market.

Major Vendors in Battery Market for Energy Storage Systems (ESS) Market:

The market is fragmented with the presence of many international and regional players. The market comprises category-focused, industry-focused, as well as diversified vendors. The vendors in the market include manufacturers of ESS-based battery technologies such as lithium, sodium, and others.

Technavio identifies the following as the dominant players in the market.

  • ABB Ltd.
  • AEG Power Solutions BV
  • AES Corp.
  • Corvus Energy
  • East Penn Manufacturing Co. Inc.
  • Enerdel Inc.
  • Exergonix Inc.
  • General Electric Co.
  • Hitachi Ltd.
  • Kokam Co. Ltd.
  • LG Energy Solution Ltd.
  • Mitsubishi Heavy Industries Ltd.
  • NEC Corp.
  • NGK Insulators Ltd.
  • Panasonic Corp.
  • Samsung SDI Co. Ltd.
  • Siemens Energy AG
  • Tesla Inc.
  • Toshiba Corp.

Get more insights into the vendor landscape and the factors impacting the growth of the market. Read Our Report Sample

Segmentation Analysis

Battery Market For Energy Storage Systems (ESS) Market Technology Outlook (Revenue, USD Billion, 2021-2026)

  • Lithium-ion batteries – size and forecast 2021-2026
  • Flow batteries – size and forecast 2021-2026
  • Others – size and forecast 2021-2026

The lithium-ion batteries segment will generate significant revenue in the market during the forecast period. The high energy density of lithium-ion batteries is the key factor driving the growth of the segment.

Battery Market For Energy Storage Systems (ESS) Market Geography Outlook (Revenue, USD Billion, 2021-2026)

  • APAC – size and forecast 2021-2026
  • North America – size and forecast 2021-2026
  • Europe – size and forecast 2021-2026
  • The Middle East and Africa – size and forecast 2021-2026
  • South America – size and forecast 2021-2026

57% of the market growth will originate from APAC during the forecast period. The consumption of energy is increasing exponentially in the region owing to population growth and the improving living standards of consumers. Besides, the depletion of traditional energy sources such as fossil fuels has forced many countries in the region to focus on renewable energy sources to meet the growing demand for energy.

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Battery Market For Energy Storage Systems (ESS) Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 34.5%

Market growth 2022-2026

USD 24.08 billion

Market structure

Fragmented

YoY growth (%)

28.16

Regional analysis

APAC, North America, Europe, Middle East and Africa, and South America

Performing market contribution

APAC at 57%

Key consumer countries

US, China, Australia, UK, and Germany

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

ABB Ltd., AEG Power Solutions BV, AES Corp., Corvus Energy, East Penn Manufacturing Co. Inc., Enerdel Inc., Exergonix Inc., General Electric Co., Hitachi Ltd., Kokam Co. Ltd., LG Energy Solution Ltd., Mitsubishi Heavy Industries Ltd., NEC Corp., NGK Insulators Ltd., Panasonic Corp., Samsung SDI Co. Ltd., Siemens Energy AG, Tesla Inc., and Toshiba Corp.

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of Contents:

1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Technology
    • Exhibit 06: Executive Summary – Chart on Incremental Growth
    • Exhibit 07: Executive Summary – Data Table on Incremental Growth
    • Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 09: Parent market
    • Exhibit 10: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 11: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 12: Market segments
  • 3.3 Market size 2021
  • 3.4 Market outlook: Forecast for 2021-2026
    • Exhibit 13: Chart on Global – Market size and forecast 2021-2026 ($ million)
    • Exhibit 14: Data Table on Global – Market size and forecast 2021-2026 ($ million)
    • Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
    • Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

4 Five Forces Analysis

  • 4.1 Five forces summary
    • Exhibit 17: Five forces analysis – Comparison between2021 and 2026
  • 4.2 Bargaining power of buyers
    • Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026
  • 4.3 Bargaining power of suppliers
    • Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
  • 4.4 Threat of new entrants
    • Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026
  • 4.5 Threat of substitutes
    • Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026
  • 4.6 Threat of rivalry
    • Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026
  • 4.7 Market condition
    • Exhibit 23: Chart on Market condition – Five forces 2021 and 2026

5 Market Segmentation by Technology

  • 5.1 Market segments
    • Exhibit 24: Chart on Technology – Market share 2021-2026 (%)
    • Exhibit 25: Data Table on Technology – Market share 2021-2026 (%)
  • 5.2 Comparison by Technology
    • Exhibit 26: Chart on Comparison by Technology
    • Exhibit 27: Data Table on Comparison by Technology
  • 5.3 Lithium-ion batteries – Market size and forecast 2021-2026
    • Exhibit 28: Chart on Lithium-ion batteries – Market size and forecast 2021-2026 ($ million)
    • Exhibit 29: Data Table on Lithium-ion batteries – Market size and forecast 2021-2026 ($ million)
    • Exhibit 30: Chart on Lithium-ion batteries – Year-over-year growth 2021-2026 (%)
    • Exhibit 31: Data Table on Lithium-ion batteries – Year-over-year growth 2021-2026 (%)
  • 5.4 Flow batteries – Market size and forecast 2021-2026
    • Exhibit 32: Chart on Flow batteries – Market size and forecast 2021-2026 ($ million)
    • Exhibit 33: Data Table on Flow batteries – Market size and forecast 2021-2026 ($ million)
    • Exhibit 34: Chart on Flow batteries – Year-over-year growth 2021-2026 (%)
    • Exhibit 35: Data Table on Flow batteries – Year-over-year growth 2021-2026 (%)
  • 5.5 Others – Market size and forecast 2021-2026
    • Exhibit 36: Chart on Others – Market size and forecast 2021-2026 ($ million)
    • Exhibit 37: Data Table on Others – Market size and forecast 2021-2026 ($ million)
    • Exhibit 38: Chart on Others – Year-over-year growth 2021-2026 (%)
    • Exhibit 39: Data Table on Others – Year-over-year growth 2021-2026 (%)
  • 5.6 Market opportunity by Technology
    • Exhibit 40: Market opportunity by Technology ($ million)

6 Customer Landscape

  • 6.1 Customer landscape overview
    • Exhibit 41: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

7 Geographic Landscape

  • 7.1 Geographic segmentation
    • Exhibit 42: Chart on Market share by geography 2021-2026 (%)
    • Exhibit 43: Data Table on Market share by geography 2021-2026 (%)
  • 7.2 Geographic comparison
    • Exhibit 44: Chart on Geographic comparison
    • Exhibit 45: Data Table on Geographic comparison
  • 7.3 APAC – Market size and forecast 2021-2026
    • Exhibit 46: Chart on APAC – Market size and forecast 2021-2026 ($ million)
    • Exhibit 47: Data Table on APAC – Market size and forecast 2021-2026 ($ million)
    • Exhibit 48: Chart on APAC – Year-over-year growth 2021-2026 (%)
    • Exhibit 49: Data Table on APAC – Year-over-year growth 2021-2026 (%)
  • 7.4 North America – Market size and forecast 2021-2026
    • Exhibit 50: Chart on North America – Market size and forecast 2021-2026 ($ million)
    • Exhibit 51: Data Table on North America – Market size and forecast 2021-2026 ($ million)
    • Exhibit 52: Chart on North America – Year-over-year growth 2021-2026 (%)
    • Exhibit 53: Data Table on North America – Year-over-year growth 2021-2026 (%)
  • 7.5 Europe – Market size and forecast 2021-2026
    • Exhibit 54: Chart on Europe – Market size and forecast 2021-2026 ($ million)
    • Exhibit 55: Data Table on Europe – Market size and forecast 2021-2026 ($ million)
    • Exhibit 56: Chart on Europe – Year-over-year growth 2021-2026 (%)
    • Exhibit 57: Data Table on Europe – Year-over-year growth 2021-2026 (%)
  • 7.6 Middle East and Africa – Market size and forecast 2021-2026
    • Exhibit 58: Chart on Middle East and Africa – Market size and forecast 2021-2026 ($ million)
    • Exhibit 59: Data Table on Middle East and Africa – Market size and forecast 2021-2026 ($ million)
    • Exhibit 60: Chart on Middle East and Africa – Year-over-year growth 2021-2026 (%)
    • Exhibit 61: Data Table on Middle East and Africa – Year-over-year growth 2021-2026 (%)
  • 7.7 South America – Market size and forecast 2021-2026
    • Exhibit 62: Chart on South America – Market size and forecast 2021-2026 ($ million)
    • Exhibit 63: Data Table on South America – Market size and forecast 2021-2026 ($ million)
    • Exhibit 64: Chart on South America – Year-over-year growth 2021-2026 (%)
    • Exhibit 65: Data Table on South America – Year-over-year growth 2021-2026 (%)
  • 7.8 China – Market size and forecast 2021-2026
    • Exhibit 66: Chart on China – Market size and forecast 2021-2026 ($ million)
    • Exhibit 67: Data Table on China – Market size and forecast 2021-2026 ($ million)
    • Exhibit 68: Chart on China – Year-over-year growth 2021-2026 (%)
    • Exhibit 69: Data Table on China – Year-over-year growth 2021-2026 (%)
  • 7.9 US – Market size and forecast 2021-2026
    • Exhibit 70: Chart on US – Market size and forecast 2021-2026 ($ million)
    • Exhibit 71: Data Table on US – Market size and forecast 2021-2026 ($ million)
    • Exhibit 72: Chart on US – Year-over-year growth 2021-2026 (%)
    • Exhibit 73: Data Table on US – Year-over-year growth 2021-2026 (%)
  • 7.10 Australia – Market size and forecast 2021-2026
    • Exhibit 74: Chart on Australia – Market size and forecast 2021-2026 ($ million)
    • Exhibit 75: Data Table on Australia – Market size and forecast 2021-2026 ($ million)
    • Exhibit 76: Chart on Australia – Year-over-year growth 2021-2026 (%)
    • Exhibit 77: Data Table on Australia – Year-over-year growth 2021-2026 (%)
  • 7.11 UK – Market size and forecast 2021-2026
    • Exhibit 78: Chart on UK – Market size and forecast 2021-2026 ($ million)
    • Exhibit 79: Data Table on UK – Market size and forecast 2021-2026 ($ million)
    • Exhibit 80: Chart on UK – Year-over-year growth 2021-2026 (%)
    • Exhibit 81: Data Table on UK – Year-over-year growth 2021-2026 (%)
  • 7.12 Germany – Market size and forecast 2021-2026
    • Exhibit 82: Chart on Germany – Market size and forecast 2021-2026 ($ million)
    • Exhibit 83: Data Table on Germany – Market size and forecast 2021-2026 ($ million)
    • Exhibit 84: Chart on Germany – Year-over-year growth 2021-2026 (%)
    • Exhibit 85: Data Table on Germany – Year-over-year growth 2021-2026 (%)
  • 7.13 Market opportunity by geography
    • Exhibit 86: Market opportunity by geography ($ million)

8 Drivers, Challenges, and Trends

  • 8.1 Market drivers
  • 8.2 Market challenges
  • 8.3 Impact of drivers and challenges
    • Exhibit 87: Impact of drivers and challenges in 2021 and 2026
  • 8.4 Market trends

9 Vendor Landscape

  • 9.1 Overview
  • 9.2 Vendor landscape
    • Exhibit 88: Overview on Criticality of inputs and Factors of differentiation
  • 9.3 Landscape disruption
    • Exhibit 89: Overview on factors of disruption
  • 9.4 Industry risks
    • Exhibit 90: Impact of key risks on business

10 Vendor Analysis

  • 10.1 Vendors covered
    • Exhibit 91: Vendors covered
  • 10.2 Market positioning of vendors
    • Exhibit 92: Matrix on vendor position and classification
  • 10.3 ABB Ltd.
    • Exhibit 93: ABB Ltd. – Overview
    • Exhibit 94: ABB Ltd. – Business segments
    • Exhibit 95: ABB Ltd. – Key news
    • Exhibit 96: ABB Ltd. – Key offerings
    • Exhibit 97: ABB Ltd. – Segment focus
  • 10.4 AEG Power Solutions BV
    • Exhibit 98: AEG Power Solutions BV – Overview
    • Exhibit 99: AEG Power Solutions BV – Key offerings
  • 10.5 General Electric Co.
    • Exhibit 100: General Electric Co. – Overview
    • Exhibit 101: General Electric Co. – Business segments
    • Exhibit 102: General Electric Co. – Key news
    • Exhibit 103: General Electric Co. – Key offerings
    • Exhibit 104: General Electric Co. – Segment focus
  • 10.6 Hitachi Ltd.
    • Exhibit 105: Hitachi Ltd. – Overview
    • Exhibit 106: Hitachi Ltd. – Business segments
    • Exhibit 107: Hitachi Ltd. – Key news
    • Exhibit 108: Hitachi Ltd. – Key offerings
    • Exhibit 109: Hitachi Ltd. – Segment focus
  • 10.7 LG Energy Solution Ltd.
    • Exhibit 110: LG Energy Solution Ltd. – Overview
    • Exhibit 111: LG Energy Solution Ltd. – Product / Service
    • Exhibit 112: LG Energy Solution Ltd. – Key offerings
  • 10.8 NEC Corp.
    • Exhibit 113: NEC Corp. – Overview
    • Exhibit 114: NEC Corp. – Business segments
    • Exhibit 115: NEC Corp. – Key news
    • Exhibit 116: NEC Corp. – Key offerings
    • Exhibit 117: NEC Corp. – Segment focus
  • 10.9 Panasonic Corp.
    • Exhibit 118: Panasonic Corp. – Overview
    • Exhibit 119: Panasonic Corp. – Business segments
    • Exhibit 120: Panasonic Corp. – Key offerings
    • Exhibit 121: Panasonic Corp. – Segment focus
  • 10.10 Samsung SDI Co. Ltd.
    • Exhibit 122: Samsung SDI Co. Ltd. – Overview
    • Exhibit 123: Samsung SDI Co. Ltd. – Business segments
    • Exhibit 124: Samsung SDI Co. Ltd. – Key offerings
    • Exhibit 125: Samsung SDI Co. Ltd. – Segment focus
  • 10.11 Siemens Energy AG
    • Exhibit 126: Siemens Energy AG – Overview
    • Exhibit 127: Siemens Energy AG – Business segments
    • Exhibit 128: Siemens Energy AG – Key news
    • Exhibit 129: Siemens Energy AG – Key offerings
    • Exhibit 130: Siemens Energy AG – Segment focus
  • 10.12 Tesla Inc.
    • Exhibit 131: Tesla Inc. – Overview
    • Exhibit 132: Tesla Inc. – Business segments
    • Exhibit 133: Tesla Inc. – Key offerings
    • Exhibit 134: Tesla Inc. – Segment focus

11 Appendix

  • 11.1 Scope of the report
  • 11.2 Inclusions and exclusions checklist
    • Exhibit 135: Inclusions checklist
    • Exhibit 136: Exclusions checklist
  • 11.3 Currency conversion rates for US$
    • Exhibit 137: Currency conversion rates for US$
  • 11.4 Research methodology
    • Exhibit 138: Research methodology
    • Exhibit 139: Validation techniques employed for market sizing
    • Exhibit 140: Information sources
  • 11.5 List of abbreviations
    • Exhibit 141: List of abbreviations

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businESSes identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assESS their competitive positions within changing market scenarios.

Contacts

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Email: [email protected]

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